The General Meeting in 2014 granted the Management Board the authorization to buy back up to 10 % of the share capital (101.9 million shares) before the end of April 2019. A maximum of 51.0 million shares can be purchased by using derivatives. These authorizations replaced the authorizations of the 2013 General Meeting. In 2014, Deutsche Bank bought back a total of 24.6 million shares with a value of € 0.72 billion (2013: 34.2 million shares). All of these shares were used to fulfil obligations from equity-based compensation plans.
As of December 31, 2014, the number of shares held in Treasury was below one million. Deutsche Bank did not cancel or sell any Treasury shares in 2014, and the ratio of shares in Treasury did not exceed the reporting threshold of 3 % over the course of the year.